Techno Electric closes the deal with IFC

Techno Electric & Engineering Company Ltd. | Engineering - Construction | Construction & Infrastructure | BSE: 542141 | NSE: TECHNOE

07 Jul 2011 Evaluate

Techno Electric & Engineering Company (TEECL), one of the leading EPC company in the country focused on power sector, have completed the allotment of shares in its subsidiary, Simran Wind Project (Simran), to International Finance Corporation (IFC), Washington. A total of 5625000 equity shares of Simran have been issued to IFC, the investment arm of the World Bank, post to which TEECL holding in the subsidiary company has come down to 96.62%. IFC has made a total investment of $35 million, which is a mix of debt and equity. Meanwhile, the stake sale has been done against the $5 million (Rs 22.50 crore) equity investment IFC made in the subsidiary, which translates into a 3.38% stake in Simran Wind Projects.

IFC came in as a major investor through the 101.4 MW planned wind energy expansion, for a 3.38% stake in Simran Wind. The debt?equity ratio for the project stands at 60:40, with Simran valued at $148 million approximately. Out of which, the $133 million (Rs 600 crore) project is running within timelines and is expected be completed by mid-August. Moreover, the expansion is being undertaken in Tamil Nadu in Tirunaveli and Coimbatore belt. Meanwhile, out of the 101.4 MW, 56.1 MW has been commissioned as on date.

Techno Electric and Engineering Company (TEECL), headquartered in Kolkata, is a leading EPC company in the power sector. TEECL provides engineering, procurement and construction services to all the three segments of power sector namely generation, transmission and distribution. It is involved in commissioning in one capacity or other over 50% of India’s thermal power generating capacity and setting up major portion of the National Grid. With over three decades of rich experience in the power sector, TEECL has been the preferred vendor for all PSU s. BHEL awarded TEECL as the best electrical vendor for the year 2010.

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